Sociocredit is positioned as a commercial venture with a socially conscious responsibility to offer the average people alternative financing that will lessen their monthly commitment burden with access to cheaper loans.
The basic mechanics of the social lending platform adopts those other social lending platforms found around the world where it connects borrowers and lenders directly and removing traditional lending intermediaries such as a bank or financial institutions.
Borrowers can have the option to place their loan request on the Open Market where they will have the final choice of choosing the winning loan offers from lenders or borrowers can also place their request on the Auction Market where lenders will have to outbid each other to be selected by the system as the final lending candidate to the borrower.
The natural attractiveness of South East Asia's first social lending marketplace is the ability for both borrowers and lenders to specify their own interest rates instead of being dictated by an institutional financial intermediary.
Registration to use the services of Sociocredit.com is free for both borrowers and lenders and since its launched last week it has attracted a total of 350 members and a total value of IDR4.4 billion (equivalent of USD 457,000) of investment opportunity for commercial and social lenders.
The company is also currently scouting for legal firms and insurance agencies to provide services of loan documentation and securitization for both the borrowers and lenders.
The next quarter will also see the marketplace launching its enterprise version to the South East Asian market creating a new source of opportunities for both borrowers and lenders to benefit from the services provided.
For more information, visit www.sociocredit.com or email publicinquiry@
